Jun 2026 (Q4 FY26) — Jul 29, 2026
Microsoft Q4 FY26 — Strong AI-driven Cloud Growth and Strategic Capacity Expansion
Read the full callMicrosoft (MSFT) earnings
- Jun 2026
- Jun 2026 (Q4 FY26)
- Jun 2026
Microsoft earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 90,007 | +17.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 45.1 | +0.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 35,766 | +31.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
58 of 61 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Azure revenue growth | between 39% and 40% in constant currency | Mar 2026 | In Azure and other cloud services, revenue grew 43% against a prior year that included accelerating growth | Achieved |
| Azure capacity constraints to ease after first half of FY26 | capacity-constrained through the first half of FY26 | Jun 2025 | First, there are still constraints in the system ... demand continues to exceed available supply | Missed |
| Total AI capacity growth | increase total AI capacity by over 80% | Sep 2025 | the FY26 AI-capacity growth percentage is never restated; the year-end call reports gigawatts added and the two-year doubling instead | Pending |
3 of MICROSOFT CORP's 79 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 76 more targets are in the full ledger.
Claimed
- Annual revenue surpassed $331 billion, up 18%, marking a record fiscal year.
- Microsoft Cloud annual revenue exceeded $214 billion, growing 27%, with Azure surpassing $100 billion, up 41%.
- Q4 revenue reached $90 billion, an 18% increase (17% in constant currency), with operating income up 18%.
- Non-GAAP EPS was $4.74, a 23% increase (adjusted for OpenAI investment), exceeding expectations.
- M365 Copilot paid seats exceeded 30 million, with net seat adds more than doubling quarter-over-quarter, and GitHub Copilot revenue accelerated over 60% QoQ.
Qualified
- Xbox revenue decreased 10% (11% in constant currency) in Q4, with the business undergoing a reset for long-term growth.
- Windows OEM and Devices revenue declined 7% (Windows OEM down 5%) in Q4, impacted by lower PC market demand and higher component costs.
- Search advertising revenue ex TAC growth was impacted by third-party partnerships, leading to a sequential slowdown.
- Dynamics 365 CRM experienced moderation with longer sales cycles, despite healthy ERP bookings growth.
- Q1 FY27 guidance anticipates Windows OEM and Devices revenue to decline in the low 20s, and Xbox content and services revenue to decline mid-single digits.
Price
$533.52 +0.84% · +$4.47
Performance +3.9% 1Y
1Y: $513.58 on 17 Oct 2025 → $533.52. High $543.45 (13 Oct 2026), low $352.83 (25 Jun 2026).
- Previous close
- $529.05
- 52-week range
- $352.83 – $543.45
- One year
- +3.24%
Overview
- Symbol
- MSFT
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
58 of 61 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Azure revenue growth | between 39% and 40% in constant currency | Mar 2026 | In Azure and other cloud services, revenue grew 43% against a prior year that included accelerating growth | Achieved |
| Azure capacity constraints to ease after first half of FY26 | capacity-constrained through the first half of FY26 | Jun 2025 | First, there are still constraints in the system ... demand continues to exceed available supply | Missed |
| Total AI capacity growth | increase total AI capacity by over 80% | Sep 2025 | the FY26 AI-capacity growth percentage is never restated; the year-end call reports gigawatts added and the two-year doubling instead | Pending |
Claimed
- Annual revenue surpassed $331 billion, up 18%, marking a record fiscal year.
- Microsoft Cloud annual revenue exceeded $214 billion, growing 27%, with Azure surpassing $100 billion, up 41%.
- Q4 revenue reached $90 billion, an 18% increase (17% in constant currency), with operating income up 18%.
- Non-GAAP EPS was $4.74, a 23% increase (adjusted for OpenAI investment), exceeding expectations.
- M365 Copilot paid seats exceeded 30 million, with net seat adds more than doubling quarter-over-quarter, and GitHub Copilot revenue accelerated over 60% QoQ.
Qualified
- Xbox revenue decreased 10% (11% in constant currency) in Q4, with the business undergoing a reset for long-term growth.
- Windows OEM and Devices revenue declined 7% (Windows OEM down 5%) in Q4, impacted by lower PC market demand and higher component costs.
- Search advertising revenue ex TAC growth was impacted by third-party partnerships, leading to a sequential slowdown.
- Dynamics 365 CRM experienced moderation with longer sales cycles, despite healthy ERP bookings growth.
- Q1 FY27 guidance anticipates Windows OEM and Devices revenue to decline in the low 20s, and Xbox content and services revenue to decline mid-single digits.
The full ledger
Open MICROSOFT CORP’s full ledger
A free account opens 5 company ledgers a month. All 79 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q3 FY26) — Apr 29, 2026
Microsoft Q3 FY26 — AI Business Surpasses $37B ARR with Strong M365 Copilot Adoption
Read the full callDec 2025 (Q2 FY26) — Jan 28, 2026
Microsoft Q2 FY26 — Cloud Revenue Surpasses $50 Billion Amidst Strong AI Adoption
Read the full callEvery analysed call
Microsoft earnings calls (MSFT)
Financials
What the filings say
Net profit, year on year: +31% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 65,585 | 69,632 | 70,066 | 76,441 | 77,673 | 81,273 | 82,886 | 90,007 |
| Operating profit | 30,552 | 31,653 | 32,000 | 34,323 | 37,961 | 38,275 | 38,398 | 40,603 |
| Operating margin | 46.6% | 45.5% | 45.7% | 44.9% | 48.9% | 47.1% | 46.3% | 45.1% |
| Other income | -283 | -2,288 | -623 | -1,707 | -3,660 | 9,971 | 942 | 3,444 |
| Interest | 582 | 594 | 594 | 615 | 698 | 736 | 778 | 839 |
| Profit before tax | 30,269 | 29,365 | 31,377 | 32,616 | 34,301 | 48,246 | 39,340 | 44,047 |
| Tax rate | 18.5% | 17.9% | 17.7% | 16.5% | 19.1% | 20.3% | 19.2% | 18.8% |
| Net profit | 24,667 | 24,108 | 25,824 | 27,233 | 27,747 | 38,458 | 31,778 | 35,766 |
| EPS ($ per share) | 3.32 | 3.24 | 3.47 | — | 3.73 | 5.18 | 4.28 | — |
| Line item | Jun 2019 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 78,520 | 80,552 | 83,111 | 86,939 | 93,718 | 100,923 | 109,095 | 117,406 |
| Reserves | 24,150 | 34,566 | 57,055 | 84,281 | 118,848 | 173,144 | 237,731 | 328,265 |
| Total liabilities | 184,226 | 183,007 | 191,791 | 198,298 | 205,753 | 243,686 | 275,524 | 315,989 |
| Fixed assets | 36,477 | 44,151 | 59,715 | 74,398 | 95,641 | 135,591 | 204,966 | 313,076 |
| Investments | 122,463 | 122,951 | 116,110 | 90,826 | 76,558 | 57,228 | 64,323 | 55,908 |
| Total assets | 286,556 | 301,311 | 333,779 | 364,840 | 411,976 | 512,163 | 619,003 | 758,376 |
| Line item | Jun 2019 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 52,185 | 60,675 | 76,740 | 89,035 | 87,582 | 118,548 | 136,162 | 182,935 |
| Cash from investing | -15,773 | -12,223 | -27,577 | -30,311 | -22,680 | -96,970 | -72,599 | -139,500 |
| Cash from financing | -36,887 | -46,031 | -48,486 | -58,876 | -43,935 | -37,757 | -51,699 | -52,546 |
| Net cash flow | -590 | 2,220 | 648 | -293 | 20,773 | -16,389 | 11,927 | -9,307 |
| Capital expenditure | -13,925 | -15,441 | -20,622 | -23,886 | -28,107 | -44,477 | -64,551 | -115,948 |
| Free cash flow | 38,260 | 45,234 | 56,118 | 65,149 | 59,475 | 74,071 | 71,611 | 66,987 |
MSFT revenue by segment
More Personal Computing shrank from 20% to 18% of revenue over the last two years.
| Segment | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Productivity and Business Processes | 43% | 42% | 43% | 43% | 43% | 42% | 42% | 42% | +14.3% |
| More Personal Computing | 20% | 21% | 19% | 18% | 18% | 18% | 16% | 14% | -4.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
MSFT operating KPIs by quarter
| KPI | Mar 2025 Q3 FY25 | Sep 2025 Q1 FY26 | Dec 2025 Q2 FY26 | Mar 2026 Q3 FY26 | Jun 2026 Q4 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Customers Microsoft Fabric | 21K+Microsoft Fabric has more than 21,000 paid customers, up 80% year-over-year.Source: earnings call transcript | 28KWe now have 28,000 paid Fabric customers.Source: earnings call transcript | 31K+2 years since it became broadly available, Fabric's annual revenue run rate is now over $2 billion with over 31,000 customers, and it continues to be the fastest-growing analytics platform on the market with revenue up 60% year-over-year.Source: earnings call transcript | 35KWe now have 35,000 paid Fabric customers, up 60% year-over-year.Source: earnings call transcript | 40K+When it comes to analytics, we now have over 40,000 paid Fabric customers, up more than 60% year-over-year, and over 17,000 customers now use Foundry and Fabric, up 60% year-over-year as enterprises connect agents to real-time operational, analytical, and unstructured data in Fabric.Source: earnings call transcript | — |
| Users GitHub Copilot | 15M+All-up, we now have over 15 million GitHub Copilot users, up over 4x year-over-year.Source: earnings call transcript | 26M+When it comes to coding, GitHub Copilot is the most popular AI pair programmer now with over 26 million users.Source: earnings call transcript | — | — | 50MWhen it comes to developers, GitHub Copilot now has 50 million users.Source: earnings call transcript | — |
| Customers Security | 1.4MAll-up, we now have 1.4 million security customers, over 900,000, including EY Global, ManpowerGroup, TriNet, Regions Bank have 4 or more workloads, up 21% year-over-year.Source: earnings call transcript | — | 1.6MIn Security, we now have 1.6 million security customers, including over 1 million who use 4 or more of our workloads.Source: earnings call transcript | — | — | — |
| Monthly active users (MAU) Entra | 900M+And in identity, Entra now has more than 900 million monthly active users.Source: earnings call transcript | 1BIn security, our end-to-end stack is now informed by 100 trillion daily signals, 1 billion monthly active users of Entra, 16 billion Copilot interactions audited by Purview, up 72% quarter-over-quarter, 40,000 Sentinel customers, and we took share across all categories we serve in security.Source: earnings call transcript | — | — | — | — |
| Remaining performance obligation (RPO) Commercial | $315BCommercial remaining performance obligation increased to $315 billion, up 34% and 33% in constant currency.Source: earnings call transcript | $392BCommercial remaining performance obligation increased to $392 billion and was up 51% year-over-year.Source: earnings call transcript | $625BCommercial remaining performance obligation, which continues to be reported net of reserves increased to $625 billion, and was up 110% year-over-year with a weighted average duration of approximately 2.5 years.Source: earnings call transcript | $627BRPO increased to $627 billion and was up 99% year-over-year with a weighted average duration of approximately 2.5 years when including OpenAI.Source: earnings call transcript | $678BCommercial remaining performance obligation grew 84% to $678 billion.Source: earnings call transcript | +8.1% |
| Subscribers M365 Consumer | — | 90M+M365 consumer subscriptions grew 7% to over 90 million.Source: earnings call transcript | — | <95MAnd in Microsoft 365 consumer, we now have nearly 95 million subscribers and early signals show increasing satisfaction as we make Agent Mode the default.Source: earnings call transcript | — | — |
| Paid seats Microsoft 365 Copilot | — | — | 15MWe saw accelerating seat growth quarter-over-quarter and now have 15 million paid Microsoft 365 Copilot seats and multiples more enterprise chat users.Source: earnings call transcript | 20M+Quarter-over-quarter, we continue to see acceleration and now have over 20 million Microsoft 365 Copilot paid seats.Source: earnings call transcript | 30M+When it comes to knowledge work, we now have over 30 million paid Microsoft 365 Copilot seats, with net seat adds more than doubling quarter-over-quarter.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q4 FY2026 · share of revenue
- US 52%
- Non Us 48%
As MSFT cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
93 filings between Nov 3, 2025 and Oct 15, 2026.
Open market
decisions to buy or sellPurchases
$1.99M
1 purchase by 1 insider
Sales
$118.56M
28 sales by 7 insiders
61% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 27
- Award — granted as compensation
- 32
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Nadella Satya | — | $43.39M | Sep 1, 2026 |
| Hood Amy | — | $24.75M | Oct 13, 2026 |
| SMITH BRADFORD L | — | $19.97M | Nov 3, 2025 |
| Althoff Judson | — | $18.29M | Aug 5, 2026 |
| Numoto Takeshi | — | $6.60M | Aug 4, 2026 |
| Hogan Kathleen T | — | $5.05M | Mar 6, 2026 |
| STANTON JOHN W | $1.99M | — | Feb 18, 2026 |
| Coleman Amy | — | $519.2K | May 14, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 15, 2026 | Coleman Amy EVP, Chief Human Resources Off | Tax withheld | 32 | $17.0K |
| Oct 13, 2026 | Hood Amy EVP, Chief Financial Officer | Sale 10b5-1 plan | 2,927 | $1.60M |
| Oct 13, 2026 | Hood Amy EVP, Chief Financial Officer | Sale 10b5-1 plan | 3,387 | $1.85M |
| Oct 13, 2026 | Hood Amy EVP, Chief Financial Officer | Sale 10b5-1 plan | 991 | $541.6K |
| Sep 15, 2026 | Numoto Takeshi EVP, Chief Marketing Officer | Award | 11,569 | $0 |
| Sep 15, 2026 | SMITH BRADFORD L Vice Chair and President | Award | 29,077 | $0 |
| Sep 15, 2026 | Coleman Amy EVP, Chief Human Resources Off | Award | 6,506 | $0 |
| Sep 15, 2026 | Hood Amy EVP & Chief Financial Officer | Award | 29,077 | $0 |
| Sep 15, 2026 | Althoff Judson EVP, Chief Commercial Officer | Award | 29,077 | $0 |
| Sep 15, 2026 | Coleman Amy EVP, Chief Human Resources Off | Tax withheld | 36 | $18.2K |
| Sep 15, 2026 | Jolla Alice L. Chief Accounting Officer | Tax withheld | 123 | $62.1K |
| Sep 14, 2026 | Hood Amy EVP, Chief Financial Officer | Sale 10b5-1 plan | 3,942 | $1.97M |
| Sep 14, 2026 | Hood Amy EVP, Chief Financial Officer | Sale 10b5-1 plan | 8,834 | $4.42M |
| Sep 14, 2026 | Hood Amy EVP, Chief Financial Officer | Sale 10b5-1 plan | 9,821 | $4.89M |
| Sep 14, 2026 | Hood Amy EVP, Chief Financial Officer | Sale 10b5-1 plan | 10,433 | $5.18M |
| Sep 14, 2026 | Hood Amy EVP, Chief Financial Officer | Sale 10b5-1 plan | 4,305 | $2.15M |
| Sep 14, 2026 | Hood Amy EVP, Chief Financial Officer | Sale 10b5-1 plan | 4,339 | $2.15M |
| Sep 9, 2026 | SMITH BRADFORD L Vice Chair and President | Gift | 14,000 | $0 |
| Sep 5, 2026 | List Teri Director | Award | 125 | $0 |
| Sep 5, 2026 | STANTON JOHN W Director | Award | 125 | $0 |
| Sep 5, 2026 | SCHARF CHARLES W Director | Award | 125 | $0 |
| Sep 1, 2026 | Nadella Satya Chief Executive Officer | Sale 10b5-1 plan | 5,080 | $2.54M |
| Sep 1, 2026 | Nadella Satya Chief Executive Officer | Sale 10b5-1 plan | 24,723 | $12.37M |
| Sep 1, 2026 | Nadella Satya Chief Executive Officer | Sale 10b5-1 plan | 4,520 | $2.27M |
| Sep 1, 2026 | Nadella Satya Chief Executive Officer | Sale 10b5-1 plan | 1,360 | $687.1K |
| Sep 1, 2026 | Nadella Satya Chief Executive Officer | Sale 10b5-1 plan | 1,040 | $518.2K |
| Sep 1, 2026 | Nadella Satya Chief Executive Officer | Sale 10b5-1 plan | 7,067 | $3.56M |
| Sep 1, 2026 | Nadella Satya Chief Executive Officer | Sale 10b5-1 plan | 9,834 | $4.96M |
| Sep 1, 2026 | Nadella Satya Chief Executive Officer | Sale 10b5-1 plan | 32,901 | $16.49M |
| Aug 31, 2026 | SMITH BRADFORD L Vice Chair and President | Award | 27,688 | $0 |
| Aug 31, 2026 | SMITH BRADFORD L Vice Chair and President | Tax withheld | 17,036 | $8.75M |
| Aug 31, 2026 | Numoto Takeshi EVP, Chief Marketing Officer | Award | 12,684 | $0 |
| Aug 31, 2026 | Althoff Judson EVP, Chief Commercial Officer | Award | 29,724 | $0 |
| Aug 31, 2026 | Althoff Judson EVP, Chief Commercial Officer | Tax withheld | 18,081 | $9.28M |
| Aug 31, 2026 | Numoto Takeshi EVP, Chief Marketing Officer | Tax withheld | 7,518 | $3.86M |
| Aug 31, 2026 | Coleman Amy EVP, Chief Human Resources Off | Tax withheld | 836 | $429.4K |
| Aug 31, 2026 | Hood Amy EVP, Chief Financial Officer | Award | 31,260 | $0 |
| Aug 31, 2026 | Jolla Alice L. Chief Accounting Officer | Tax withheld | 486 | $249.5K |
| Aug 31, 2026 | Hood Amy EVP, Chief Financial Officer | Tax withheld | 18,739 | $9.62M |
| Aug 31, 2026 | Jolla Alice L. Chief Accounting Officer | Award | 5,575 | $0 |
| Aug 31, 2026 | Nadella Satya Chief Executive Officer | Award | 178,622 | $0 |
| Aug 31, 2026 | Nadella Satya Chief Executive Officer | Tax withheld | 70,466 | $36.19M |
| Aug 17, 2026 | Coleman Amy EVP, Chief Human Resources Off | Tax withheld | 89 | $44.1K |
| Aug 5, 2026 | Althoff Judson CEO Microsoft Commercial | Sale | 10,000 | $4.88M |
| Aug 4, 2026 | Numoto Takeshi EVP, Chief Marketing Officer | Sale | 4,810 | $2.39M |
| Jul 15, 2026 | Coleman Amy EVP, Chief Human Resources Off | Tax withheld | 32 | $12.5K |
| Jun 15, 2026 | Jolla Alice L. Chief Accounting Officer | Award | 5,004 | $0 |
| Jun 15, 2026 | Coleman Amy EVP, Chief Human Resources Off | Tax withheld | 36 | $14.0K |
| Jun 10, 2026 | Numoto Takeshi EVP, Chief Marketing Officer | Sale | 4,500 | $1.81M |
| Jun 8, 2026 | Numoto Takeshi EVP, Chief Marketing Officer | Sale | 2,500 | $1.03M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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